The North-East Atlantic Commission,

RECOGNIZING the right of the Faroe Islands to fish for salmon in their area of fisheries jurisdiction;

ACKNOWLEDGING the restraint demonstrated by the Faroe Islands by not utilizing their quotas for a number of years;

INTENDING to work expeditiously with ICES to improve the estimation of a combined conservation limit and thus enable catch advice for the Faroe Islands salmon fishery to be given on an effort or a quantitative basis;

FURTHER AGREEING to work together to establish an agreed mechanism, to allocate any exploitable surplus between the Faroe Islands and homewater fisheries on a fair and equitable basis;

MINDFUL of the advice from ICES regarding the stocks contributing to the Faroese salmon fishery, and the ICES recommendation that the research fishery in the Faroese area be resumed, and noting the intention of the Faroe Islands to manage the salmon fishery in a precautionary manner with a view to sustainability, taking into account relevant factors, such as socio-economic needs and other fisheries on mixed stocks;

NOTING ALSO the intention of the Faroe Islands to make management decisions with due consideration to the advice of ICES concerning the biological status of the stocks contributing to the fishery, and should such fishing be decided upon it will be limited in scope, subject to close national surveillance and control, and will be organized in close cooperation between the fishermen and the authorities, taking due regard of the recommendation by ICES to provide further scientific knowledge of the salmon resource. Denmark (in respect of the Faroe Islands and Greenland) will inform NASCO in the case of an opening of the fishery and its attached conditions;